MBGYY Mercedes Benz Group AG (PK)

By David Sachs

Shares in Europe's major auto makers rose Wednesday after the European Union's antitrust body said it would launch an investigation of potentially unfair market practices by Chinese electric car companies.

"Global markets are now flooded with cheaper Chinese electric cars," European Commission President Ursula von der Leyen said in the State of the European Union Address. "And their price is kept artificially low by huge state subsidies. This is distorting our market."

At 0749 GMT, shares in Volkswagen were up 2.9% to EUR112.14. Shares in Renault jumped 4.9% to EUR38.55. BMW was up 2.3% to EUR98.85. Mercedes-Benz stock was up 1.1% to EUR67.65, while Stellantis was up 1.1% to EUR18.03

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

September 13, 2023 04:11 ET (08:11 GMT)

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